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STI Adds 0.51% in Broad Advance; Jardine Names, SIA Lead

· Longbridge Singapore

The Straits Times Index closed 0.51% higher at 5,526.72 on Tuesday, adding 27.77 points and recovering Monday's dip to sit about 0.6% below last week's record close of 5,561.42. The advance was broad, led by the Jardine group, Singapore Airlines, property developers and Yangzijiang. Notably, the banks and Singapore Exchange — the drivers of the recent record run — lagged.

There was no single catalyst. Overnight leads were mixed, and buying instead broadened into cyclical and property-linked names — JPMorgan recently flagged a "profit upcycle" for real estate — alongside positioning ahead of the local earnings season. The large-cap financials and the exchange operator that had powered the index to its recent highs paused: the three banks were little changed and SGX fell.

Session Movers

Jardine Matheson (J36.SG, +4.35%) was the top index gainer, part of a broad advance across the Jardine group and property-linked counters. It trades at 0.64 times book value; the analyst consensus is Strong Buy with an average target of S$86.07, well above the S$65.46 close.

Singapore Airlines (C6L.SG, +2.77%) rose ahead of its 24 July AGM. Management has reiterated it remains open to further Air India funding despite booking a S$945 million share of associate losses. SIA trades at about 20 times earnings; the consensus rating is Hold, with a S$6.96 target that sits some 11% below the S$7.79 close.

Yangzijiang Shipbuilding (BS6.SG, +3.04%) extended gains after Intercont Ship Services signed a US$66 million bulk-carrier order with a Yangzijiang unit, adding to the order book ahead of first-half results.

Hongkong Land (H78.SG, +2.25%) rebounded after sitting at the foot of the index on Monday, tracking the broader property recovery. It trades at 0.52 times book value with a distribution yield near 3%.

One point worth noting

Leadership rotated. For two sessions the STI's gains had leaned on a narrow set of richly valued heavyweights — the banks and SGX. On Tuesday the advance broadened instead: Hongkong Land, Monday's weakest index stock, rose 2.25%, while the three banks were little changed (DBS and UOB each +0.14%, OCBC −0.17%) and SGX fell 0.76% even as it announced an expansion of its single-stock depositary receipts, adding Grab, Sea and SpaceX from 22 July. For once, the gains were led by the market's cheaper, previously lagging corners rather than its priciest.

This recap is for informational purposes only and does not constitute investment advice.

海指涨0.51%普遍走高，怡和系与新航领涨

· 长桥新加坡

海峡时报指数周二收涨0.51%，报5,526.72点，上涨27.77点，收复周一跌幅，距上周5,561.42点的纪录收盘约低0.6%。涨势较为普遍，由怡和系、新加坡航空、地产发展商与扬子江领涨。值得注意的是，近期推动指数创纪录的银行股与新交所反而落后。

此番上涨并无单一催化剂。隔夜外围指引偏中性，买盘转向周期与地产相关类股——摩根大通此前提出地产进入"盈利上行周期"——并叠加本地财报季前的仓位布局。带动近期新高的大型金融股与新交所则歇了一口气：三大银行几乎持平，新交所下跌。

个股焦点

怡和控股（Jardine Matheson，J36.SG，+4.35%）为当日指数第一大涨幅，怡和系与地产相关股普遍走强。现以0.64倍市净率交易；分析师共识"强力买入"，平均目标价S$86.07，远高于65.46的收盘价。

新加坡航空（SIA，C6L.SG，+2.77%）在7月24日股东大会前走高。管理层重申，尽管承担9.45亿新元的联营亏损份额，仍愿对印度航空追加投资。新航现以约20倍市盈率交易；共识评级"持有"，目标价S$6.96，较7.79的收盘价约低11%。

扬子江船业（Yangzijiang，BS6.SG，+3.04%）延续涨势：Intercont Ship Services 与扬子江旗下船厂签订6,600万美元散货船订单，在上半年业绩前为订单簿再添一笔。

香港置地（Hongkong Land，H78.SG，+2.25%）自周一垫底反弹，跟随地产板块整体回暖。现以0.52倍市净率交易，派息收益率约3%。

一个值得注意的点

领涨轮动了。过去两个交易日，海指涨势集中在少数高估值权重股——银行与新交所；周二则明显走阔：周一还垫底的香港置地上涨2.25%，而三大银行几乎持平（星展、大华各+0.14%，华侨−0.17%），新交所尽管宣布扩容单一股票预托证券（7月22日起新增Grab、Sea、SpaceX）却仍跌0.76%。这一次，领涨的是此前落后、估值更低的角落，而非最贵的那批。

本文仅供参考，不构成任何投资建议。

海指漲0.51%普遍走高，怡和系與新航領漲

· 長橋新加坡

海峽時報指數週二收漲0.51%，報5,526.72點，上漲27.77點，收復週一跌幅，距上週5,561.42點的紀錄收盤約低0.6%。漲勢較為普遍，由怡和系、新加坡航空、地產建商與揚子江領漲。值得注意的是，近期推動指數創紀錄的銀行股與新交所反而落後。

此番上漲並無單一催化劑。隔夜外圍指引偏中性，買盤轉向景氣循環與地產相關類股——摩根大通此前提出地產進入「獲利上行週期」——並疊加本地財報季前的部位布局。帶動近期新高的大型金融股與新交所則歇了一口氣：三大銀行幾乎持平，新交所下跌。

個股焦點

怡和控股（Jardine Matheson，J36.SG，+4.35%）為當日指數第一大漲幅，怡和系與地產相關股普遍走強。現以0.64倍股價淨值比交易；分析師共識「強力買進」，平均目標價S$86.07，遠高於65.46的收盤價。

新加坡航空（SIA，C6L.SG，+2.77%）在7月24日股東大會前走高。管理層重申，儘管承擔9.45億新元的聯營虧損份額，仍願對印度航空追加投資。新航現以約20倍本益比交易；共識評等「持有」，目標價S$6.96，較7.79的收盤價約低11%。

揚子江船業（Yangzijiang，BS6.SG，+3.04%）延續漲勢：Intercont Ship Services 與揚子江旗下船廠簽訂6,600萬美元散貨船訂單，在上半年業績前為訂單簿再添一筆。

香港置地（Hongkong Land，H78.SG，+2.25%）自週一墊底反彈，跟隨地產類股整體回暖。現以0.52倍股價淨值比交易，配息殖利率約3%。

一個值得注意的點

領漲輪動了。過去兩個交易日，海指漲勢集中在少數高估值權重股——銀行與新交所；週二則明顯走闊：週一還墊底的香港置地上漲2.25%，而三大銀行幾乎持平（星展、大華各+0.14%，華僑−0.17%），新交所儘管宣布擴容單一股票預託證券（7月22日起新增Grab、Sea、SpaceX）卻仍跌0.76%。這一次，領漲的是此前落後、估值更低的角落，而非最貴的那批。

本文僅供參考，不構成任何投資建議。